CCPC calls for new property laws to improve transparency home-buying process

Watchdog urges Government to legislate for earlier, clearer disclosure of property details to ease delays and protect homebuyers

Lack of information provided to buyers is causing serious delays to the home-buying process, according to a report by the Competition and Consumer Protection Commission (CCPC). 

Lack of information provided to buyers is causing serious delays to the home-buying process, according to a report by the Competition and Consumer Protection Commission (CCPC). 

The report calls for new legislation from Government to ensure clarity in the property process, with significant information gaps for homebuyers highlighted.

The research also showed that consumers want more information earlier in the process, with 78% agreeing that if a potential buyer asks a question about a property, the estate agent should have to legally identify and disclose the information to other buyers.

“Buying a home is usually the biggest financial decision someone will make in their lifetime, and it can also be an incredibly complicated and lengthy process. Our research shows that homebuyers find it difficult to know what questions to ask and aren’t sure where to find the information they need," said Simon Barry, CCPC director of research, advocacy and international. 

“The legal principle of ‘buyer beware’ puts the responsibility of gathering the necessary information about a property into the buyer’s hands. Therefore, the CCPC is calling for that information to be more accessible to buyers much earlier in the process. This will empower them to make more informed decisions.” 

The report also recommends the Government expediate the introduction of a new profession of conveyancer. "The role of conveyancing is set to become even more crucial as the volume of property transactions continue to rise," the report notes. "With the increasing demand for transparency and efficiency in the homebuying process, the need for skilled conveyancers who can navigate the legal intricacies and ensure smooth transactions is more urgent than ever."

The report calls on property platforms to update their processes to support uniform disclosure of information across advertisements of properties for sale. "Consumers are keen to have increased levels of clear and accurate information at earlier stages in the process and, while it is sellers and/or estate agents that will typically be responsible for the content, platforms are generally the first port of call for a buyer search. This places platforms in an important position for the provision of information," the report notes.

Following the report, the CCPC said it plans enhance its homebuyers’ guide and include advice on what questions to ask at various points in the homebuying process. It will also develop guidance for estate agents and developers that will help provide more and better information to homebuyers.